The introduction of cutting-edge technologies in real estate promises to change the way business forever is conducted in this age-old industry. In some respects, the adoption in real estate has lagged behind its use as compared to the other business sectors partially due to a reluctance to change methods that had worked well in the past. Another factor that slowed down the widespread use of real estate technology was major players’ attempts to develop proprietary tools.
But now, these issues are fading, and the market has seen an increase in real estate tech in recent years. Moreover, the industry players are starting to understand the benefits of investing and using modern technologies. According to the Technology and The Future of Real Estate Investment Management report created by the University of Oxford, in 2020, 53% of real estate companies are now directly investing in technology. 42% of Statista respondents confessed they see potential in Smart Building technologies, while 56% of respondents have already noticed the impact from the tech sphere.
But now technology is affecting all the steps in the Real Estate value chain, right from land supply, to the sale and management of the property, utilizing AI, AR, drones, big data, among many other ways.
During the next few weeks, Preferred Square Analytics will be sharing a series of posts focusing on how technology is evolving/going to evolve real estate sector. Stay Tuned!